(Bloomberg) — Morgan Stanley Co-President Andy Saperstein has been recognized with most cancers and plans to maintain working as he begins to obtain remedy.
“I’m younger and in in any other case good well being,” Saperstein, 56, mentioned in a memo to staff Tuesday. “That offers me nice confidence as I start the method of beginning remedy so I can recuperate from this sickness and put all of it behind me. Whereas my journey could also be restricted throughout the interval of my remedy, I plan to proceed working to ensure Morgan Stanley stays on our nice path ahead.”
Saperstein was one in every of three candidates to take over for outgoing Chief Government Officer James Gorman, a job that finally went to Ted Decide final month. In a uncommon transfer for Wall Avenue, the 2 males who missed out on the highest job agreed to remain on, with Dan Simkowitz changing Decide as co-president main the investment-banking and buying and selling division and Saperstein gaining oversight of the agency’s asset-management enterprise along with his position main wealth administration.
These two divisions have grown considerably over the previous decade and produced roughly 57% of the agency’s income within the first 9 months of this yr. They handle a complete of $6.2 trillion in consumer property. On Monday, New York-based Morgan Stanley named Jed Finn head of the corporate’s $4.8 trillion wealth-management enterprise, giving him oversight of the most important income generator on the agency.
Learn Extra: Morgan Stanley Faucets Finn to Run $4.8 Trillion Wealth Enterprise
Saperstein, who was charged with increasing the agency’s wealth-management juggernaut, has labored below Gorman at three companies throughout three many years, beginning at consulting large McKinsey & Co. earlier than becoming a member of him at Merrill Lynch after which Morgan Stanley, the place they overhauled the white-shoe funding financial institution.
Prime banking executives have an extended historical past of continuous to work throughout remedy after receiving most cancers diagnoses. Barclays Plc CEO C.S. Venkatakrishnan oversaw the agency from residence throughout three months of remedy for non-Hodgkin lymphoma, then instantly returned to the workplace earlier this yr. Lloyd Blankfein ran Goldman Sachs Group Inc. whereas present process chemotherapy for lymphoma in 2015, and JPMorgan Chase & Co. head Jamie Dimon acquired remedy for throat most cancers in 2014. Each males introduced their therapies have been profitable inside about six months.
Learn Extra: Barclays CEO Lauds Workplace Buzz on Return From Most cancers Therapy
